St Marys Elderly Housing Corporation

“Management is provided by christian church homes.”

“Form 990 is reviewed initially by the cfo or controller before it is submitted to board personnel for review. A copy of the form 990 is given to all members of the governing body before filing the form.”

“The board members annually fill out a written disclosure statement.”

“Documents are available to the public upon request.”

“The corporation has an ownership interest in and manages a 101 unit apartment complex that provides housing for low and moderate income elderly households and households headed by persons with disabilities.”

“Note receivable disclosure: during the prior tax year, the organization held a note receivable from smg elderly housing, lp ("the partnership"), a related entity in which the organization holds an interest. The note was not established as part of an ordinary commercial transaction but was created as part of an internal financial arrangement between the entities. Under the terms of the note, repayment is contingent upon the partnership generating surplus cash, as defined in the note agreement. Based on this contingency and the financial condition of the partnership, the organization determined that the fair value of the note was 0 at year-end, which is the amount reflected on form 990, part x, line 7. Additionally, the note provides for interest to accrue. Due to the nature of payment, the organization did not recognize any accrued interest as income for this tax year. Interest will only be recognized in future periods if and when payment becomes reasonably assured. This reporting treatment is consistent with the organization's accounting policy of reflecting receivables at their estimated realizable value and complies with irs reporting standards for contingent assets.”